Crypto Beginner Guides

Buy Litecoin (LTC)

Litecoin

$30.56

Payments

Proof of Work

Litecoin – And the best way to buy it.

Litecoin is a blockchain-backed digital asset that can be purchased on a number of digital asset exchange platforms. Created in 2011 by a former Google employee, Charlie Lee, this peer to peer cryptocurrency has grown ten-fold with market charts predicting a sharp increase in its uptake.

The idea behind Litecoin was to allow people to send and receive money both locally and internationally without it having to go through a third party, meaning the cost of transacting is lower. Litecoin is commonly identified by XLT or LTC symbols.

Basically, Litecoin was designed for smaller purchases and smaller day to day transactions as opposed to other cryptocurrencies which are mainly perceived as a store of value or long term investment. It was released on Github on October 2011 and was warmly embraced by crypto-enthusiasts due to a number of factors.

Like other cryptocurrencies, Litecoin mining uses the proof of work mechanism. Clients or miners use the computation ability to solve complex cryptographic puzzles. The basic reasoning is that if the puzzles were simple, miners would intensify their activity and drain the entire Litecoin supply in no time. The mining process is also relatively shorter. The average mining period is 2.5 minutes while Bitcoin mining takes 10 minutes. Faster block mining periods also come with another advantage. There is a reward system based on miner variance. The small period of time between blocks gives miners an opportunity to get more blocks and eventually win a myriad of mining rewards.

The wallet encryption features is another factor that has led to increased adoption of Litecoin. When you buy Litecoin you receive a password and username, and your assets are jealously secured and protected against Trojans and viruses. Also, this cryptocurrency uses the latest version of Open Source Software which enjoys the license – MIT/X11. With such a license you have the exclusive power to copy, modify and run the software at your own convenience.

Further, the software is rolled out through a transparent process that gives you an opportunity for independent checking of binaries. As such, you have a chance to know which corresponding sources such codes are coming from.